It’s not them, It’s you! (How not to have an epic fail when you are trying to get money for your business).
Frustrated Business Owner (FBO): “We’ve been let down by the bank and haven’t got the funding we were expecting.”
Me: “What’s happened?”
FBO: “We’ve been waiting months for the bank to come back and approve our funding, and now it’s causing us cash flow problems so we can’t move forward.”
Me: “How much do you need, what do you need it for and when do you need it? Who else have you approached?”
FBO: “We needed £50k and we needed it two months ago…we didn’t approach anyone else!
If your business needs money, get more than one option lined up and work them simultaneously, not consecutively! Banks should never be your last resort, no matter how great your relationship is. It may be the right offer for you, but make sure you have the time to wait for a decision.
If time is an issue, there’s a huge alternative finance market out there with flexible and innovative funders who can turn things around really quickly.
Never let the banks forget it’s you not them that’s driving your business.
Author: Susan Banfield | http://www.businessangelfinance.co.uk
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